Archive for category: Misc

Price review: Whitley Residences: Strata semi-detached houses sold at $3.6 mil each

Rewritten: The most profitable condo resale transaction during the week of June 3 to June 10 was recorded at The Tessarina with the sale of a four-bedroom unit. The unit, which is 1,615 sq ft and located on the fourth floor, was sold for $3.81 million ($2,362 psf) on June 3. The seller had purchased the unit in March 2003 for $1.42 million ($878 psf), resulting in a profit of $2.4 million. This translates to a capital gain of 168.9% or an annualised profit of 4.5% over a holding period of about 22 years.

According to records, this is the most profitable resale transaction at The Tessarina to date, surpassing the previous record gain of $2.18 million from the sale of a 1,335 sq ft three-bedroom unit for $3.1 million ($2,323 psf) on May 5. The unit, located on the sixth floor, was purchased by the seller for $919,815 ($689 psf) in November 2006.

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Similarly, the second-most profitable sale of the week took place at Volari, a freehold condominium on Balmoral Road in prime District 10. On June 3, a four-bedroom unit situated on the fourth floor was sold for $6.08 million ($2,796 psf). The unit, which is 2,174 sq ft in size, was previously purchased by the seller for $4.24 million ($1,950 psf) in February 2017, resulting in a profit of $1.84 million (43.4%). This translates to an annualised gain of 4.4% over a holding period of more than eight years.

With this sale, a new record for profit at Volari was set, surpassing the previous high of $6.2 million from the sale of a 2,745 sq ft unit for $2,259 psf in August 2010. The four-bedroom unit on the first floor was purchased by the seller for $5.14 million ($1,874 psf) in August 2009, resulting in a profit of $1.06 million (20.6%) over a one-year holding period.

Completed in 2012, Volari offers a mix of two- to four-bedroom apartments ranging from 1,324 sq ft to 2,745 sq ft. It also features three penthouse units, ranging from 3,950 sq ft to 6,168 sq ft. The development is located within a four-minute walk of Balmoral Plaza and is in close proximity to Anglo-Chinese School (Primary).

On the other hand, the least profitable deal of the week was the sale of a 635 sq ft unit at Scotts Square. The one-bedroom apartment situated on the 31st floor was sold for $1.9 million ($2,992 psf) on June 3. However, the seller had previously purchased the unit for $2.62 million ($4,120 psf) in August 2007, resulting in a loss of $716,200 (27.4%) or an annualised loss of 1.8% over a holding period of nearly 18 years.

Located on Scotts Road in prime District 9, Scotts Square is a freehold development completed in 2011. It features 338 residential units across two towers set above a four-storey retail podium. The development offers one- to three-bedroom apartments ranging from 624 sq ft to 1,238 sq ft.

So far this year, there have been four resale transactions at Scotts Square, out of which two were sold at a loss, including the unit sold on June 3. The seller of a 947 sq ft two-bedder incurred the highest loss of $745,880 when the unit was sold for $3.08 million ($3,252 psf). The unit was previously purchased for $3.82 million ($4,039 psf) in December 2007.

The record loss at Scotts Square involves a 1,249 sq ft unit on the 36th floor, which was sold for $3.65 million ($2,923 psf) in February 2017. The unit had previously fetched $5.21 million ($4,171 psf) in August 2007, resulting in a loss of $1.56 million (3.7%) over a holding period of nearly 10 years.